BMA appoints new managing director

The Bermuda Monetary Authority (BMA) has announced that Ricardo Garcia has been appointed managing director of the Authority.

The managing director position encompasses several responsibilities, the BMA said.

Garcia will be responsible for the Authority’s supervision of insurance, banking, trust, corporate services, investment and money service business regulated entities, including micro and macro-prudential supervision and surveillance, and anti-money laundering/anti-terrorism financing and conduct supervision.

In October of last year the BMA appointed a new chief executive officer and chairman of the board of directors, with Craig Swan and Donald Scott stepping into the respective positions.